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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: chennai Year: 1985 Page 1 of about 73 results (0.081 seconds)

Dec 20 1985 (HC)

Asst. Registrar of Companies Vs. Southern Machinery Works Ltd. and ors ...

Court : Chennai

Decided on : Dec-20-1985

Reported in : [1986]59CompCas670(Mad)

..... income-tax act. it was contended, that under the income-tax act, the principal officer designated is responsible for compliance of the requirements under the various provisions of the income-tax act and, therefore, all the directors cannot be prosecuted. it was held that it was a matter of evidence ..... or not is a matter of evidence and the complaint cannot be thrown out at the threshold. in that case, prosecution was launched under the income-tax act against the directors of a company for failure to deduct income-tax on the salary of the employees, for failure to submit the returns in time, and for other violations of the provisions of the ..... , it is stated that the expressions ' officer' and ' director' shall include any person in accordance with whose directions or instructions the board of directors of the company is accustomed to act. the term ' officer ' is defined under section 2(30) as including any director, managing agent, secretaries and treasures, manager or secretary , or any person in accordance with whose ..... launched. the learned trial magistrate upheld the objection and dismissed all the companies as such. hence, these revisions by the assistant registered of companies. 3. section 159 of the act deals with submission of annual return by the company having a share capital . sub-section (1) of this section providers that every company having a share capital shall, within .....

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Dec 18 1985 (HC)

indo Foreign Traders (P) Limited Vs. Commissioner of Income Tax

Court : Chennai

Decided on : Dec-18-1985

Reported in : (1986)53CTR(Mad)181; [1987]166ITR308(Mad); [1986]25TAXMAN120(Mad)

..... contention. in the appeal filed by the department before the tribunal, the revenue relied on section 10(5a) of the indian income-tax act, 1922, and the corresponding section 28(ii) of the income-tax act, 1961, and contended that the compensation received by the assessed shall be deemed to be profits and gains of business carried ..... decree dated august 23, 1957, for the period from april 1, 1957, to march 31, 1958, is assessable under section 10(5a) of the indian income-tax act, 1922, for the assessment year 1958-59 ?' 8. it may be seen from the facts stated above that the original sales organisation agreement did not ..... the assessee received a sum of rs. 12,000 in the financial year 1955-56 and the income-tax officer taxed this amount in the assessment year 1956-57 as profits under section 10(5a) of the act. the contention of the assessee was that the entire compensation amount of rs. 96,000 accrued to ..... suit claiming rs. 28,00,000. the suit was decreed only for a sum of rs. 2,34,000. relying on section 10(5a), the income-tax officer as well as the appellate assistant commissioner held that the amount of rs. 2,34,000 with interest decreed and received in december, 1955, ..... on and shall be liable to tax accordingly. in answer to this contention, the assessee contended that the provisions of section 10( .....

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Dec 16 1985 (HC)

K.V. Krishnaswamy Naidu and Co. Vs. Commissioner of Income Tax and ors ...

Court : Chennai

Decided on : Dec-16-1985

Reported in : [1987]166ITR240(Mad)

..... commissioner shall not authorities the retention of the books of account and other documents for a period exceeding thirty days after all the proceedings under the indian income-tax act, 1922 (11 of 1922), or this act in respect of the years for which the books of account or other documents are relevant are completed.' sub-section (9a) : 'where the authorised officer has no ..... in case no. 143(9) 85-86/cbe, dated may 24, 1985, and to quash the same. that was an order under section 132(8) of the income-tax act, 1961, hereinafter referred to as 'the act', and that reads as follows : 'the account books and other documents, (i) as per annexure 'ss' - 22 items to the panchanama dated november 28, 1984, (ii) as ..... 135 state that the director of inspection, the commissioner and the inspecting assistant commissioner shall be competent to make any enquiry under the act and for this purpose shall have all the powers that than income-tax officer has under the act in relation to the making of enquiries. it may be seen from these provisions that for the purpose of exercising certain powers ..... sub-section (8) or sub-section (9) shall be exercisable by such income-tax officer.' 6. there is no dispute that the income-tax officer referred to in sub-section (5) is the income-tax officer having jurisdiction over the person under section 124 of the act. it is also not disputed that 'the income-tax officer having jurisdiction over such person' referred to in sub-section (9a) is .....

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Dec 16 1985 (HC)

Commissioner of Income-tax Vs. Madras Motor and General Insurance Co. ...

Court : Chennai

Decided on : Dec-16-1985

Reported in : (1986)51CTR(Mad)71; [1986]159ITR601(Mad)

..... a few facts. the assessee is a general insurance company. in respect of the assessment year 1969-70, it claimed relief both under sections 80k and 80m of the income-tax act, 1961. the income-tax officer rejected the claim. however, on appeal, the appellate assistant commissioner, following the tribunals order in respect of the same assessee for the assessment years 1963-64 and 1964 ..... 80k of the income-tax act. this court noted that there were no restrictive words similar to 'net dividend' in section 80a and that, therefore, the rebate could not be restricted to the net dividend. a ..... co. ltd. : [1975]99itr243(mad) which related, as already stated, to the assessment years 1963-64 and 1964-65 with reference to rebate under section 99(1)(iv) of the income-tax act, 1961. this was on the basis that the ratio of the judgment given with reference to section 99(1)(iv) would be equally applicable in construing the provisions of section ..... also approved of the interpretation placed on that provision.while the matter stood there, parliament intervened and by the finance (no. 2) act of 1980 inserted two sections, namely, sections 80aa and 80ab in chapter vi-a of the income-tax act, 1961, and those provisions read as follows :'80aa. computation of deduction under section 80m. - where any deduction is required to be allowed .....

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Dec 16 1985 (HC)

K. Vs. Krishnaswamy Naidu and Co. V. Commissioner of Income Tax and Ot ...

Court : Chennai

Decided on : Dec-16-1985

Reported in : (1987)51CTR(Mad)154; [1987]166ITR244(Mad)

..... commissioner shall not authorities the retention of the books of account and other documents for a period exceeding thirty days after all the proceedings under the indian income-tax act, 1922 (11 of 1922), or this act in respect of the years for which the books of account or other documents are relevant are completed.'sub-section (9a) :'where the authorised officer has no ..... in case no. 143(9) 85-86/cbe, dated may 24, 1985, and to quash the same. that was an order under section 132(8) of the income-tax act, 1961, hereinafter referred to as 'the act', and that reads as follows :'the account books and other documents, (i) as per annexure ss - 22 items to the panchanama dated november 28, 1984, (ii) as ..... under sub-section (8) or sub-section (9) shall be exercisable by such income-tax officer.'there is no dispute that the income-tax officer referred to in sub-section (5) is the income-tax officer having jurisdiction over the person under section 124 of the act. it is also not disputed that 'the income-tax officer having jurisdiction over such person' referred to in sub-section (9a) is ..... 135 state that the director of inspection, the commissioner and the inspecting assistant commissioner shall be competent to make any enquiry under the act and for this purpose shall have all the powers that than income-tax officer has under the act in relation to the making of enquiries. it may be seen from these provisions that for the purpose of exercising certain powers .....

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Dec 05 1985 (HC)

Second Income-tax Officer Vs. Bhagavathy Investments (P.) Ltd.

Court : Chennai

Decided on : Dec-05-1985

Reported in : [1986]17ITD729(Mad)

..... orderper shri t. venkatappa, judicial member - this appeal relates to the levy of additional income-tax under section 104 of the income-tax act, 1961 (the act). the ito found that the distributable income was rs. 1,73,458 and the dividend distributed was rs. 93,660. the assessee is an investment company and, therefore, should have distributed 90 per cent i.e., rs. ..... the acquired new machinery out of borrowings. the tribunal accepted the assessees contention that the requirements of rehabilitation should be considered before applying section 23a (1) of the indian income-tax, 1922 (the act). on reference, the bombay high court held that the tribunal could not have come to any other conclusion. it could be said that from the businessmans standpoint it was ..... , section 104 has no application.4. it will be useful to refer the decided case law. in cit v. gangdhar banerjee & co. (p.) ltd. : [1965]57itr176(sc) , the supreme court observed as under :'... the income-tax officer, acting under this section, is not assessing any income to tax : that will be assessed in the hands of the shareholder. he only does what the directors should ..... have done, he puts himself in the place of the directors. though the object of the section is to prevent evasion of tax, the provision must be worked not .....

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Dec 03 1985 (HC)

Commissioner of Income-tax Vs. Srivinayaga Pictures

Court : Chennai

Decided on : Dec-03-1985

Reported in : [1986]161ITR65(Mad)

..... the assessee, we have two instructive judgments, one rendered with reference to the old provision in section 10(2)(xi) of the indian income-tax act, 1922, and the other under section 36(2)(i)(b) of the income-tax act, 1961. 9. in cit/ept v. jwala prasad tiwari : [1953]24itr537(bom) , we find the following passage : ''writing off' is a technical term used by financiers ..... rs. 20,000 was in fact accounted for twice by the income-tax officer and hence the correct amount that will have to come up for consideration for addition was only rs. 40,550. the appellate assistant commissioner confirmed the view of the ..... the assessee that the fact that the cheques were dishonoured would show that no collections accrued to the assessee and hence they were not taken to the revenue account, the income-tax officer held that since the assessee is maintaining the accounts on mercantile basis, it is but proper that the collections showed should be accounted for in revenue account as and ..... at a later date these amounts are not realisable, the proper way would be to claim them as bad debts. in that view, the income-tax officer added back a sum of rs. 60,550 to the total income for that year. when the matter was taken up in appeal before the appellate assistant commissioner, it was found that the receipt amounting to .....

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Nov 28 1985 (HC)

Commissioner of Income-tax Vs. Late G.D. Naidu and ors. (by Lrs. G.D. ...

Court : Chennai

Decided on : Nov-28-1985

Reported in : (1986)51CTR(Mad)256; [1987]165ITR63(Mad)

..... facts and in the circumstances of the case, there was a transfer of assets within the meaning of the words ' otherwise transferred ' occurring in section 34(3)(b) of the income-tax act. the high court answered the second question in the affirmative and against the assessee and in view of that answer, declined to answer the first question. on a further appeal ..... that an amount referable to the restrictive covenant agreed to by the parties should be allowed as a deduction in the hands of the assessee under section 37 of the income-tax act (7) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the compensation paid by the assessee firm to shri. g. d ..... observed that the payment was not for business considerations and, therefore, it could not be allowed as deduction, under section 37 of the income-tax act, in the hands of the firm. in the case of the recipients, the income-tax officer found that the entire amount was receivable and was received by the two assessees and that, therefore, there was no evidence to substantiate ..... the outgoing partners was being carried on by the new partners and we have already pointed out that even the income-tax officer has registered the firm under the income-tax act for the subsequent years also. 27. in blaze and central (p.) ltd. v. cit : [1979]120itr33(mad) , the facts were these. the assessee which was carrying on business of arranging exhibition of advertisement and .....

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Nov 21 1985 (HC)

Madhav Aluminium Conductors (P.) Ltd. Vs. Income-tax Officer.

Court : Chennai

Decided on : Nov-21-1985

Reported in : [1986]15ITD671(Mad)

..... v. rajagopala rao, judicial member - this is an appeal filed by the assessee against the order of the commissioner cochin passed under section 263 of the income-tax act, 1961 (the act) dated 22-7-1983 and it relates to the assessment year 1976-77. the brief facts of the case are as follows. the assessee is a ..... dated 29-9-1977. the ito gave effect to the aacs orders on 15-10-1977. according to the orders of the ito dated 15-10-1977 income-tax payable by the assessee was reduced to rs. 1,16,609. consequent upon it a refund of rs. 55,263 was issued to the assessee. a ..... payable was rs. 1,71,872. however, as an advance tax of rs. 1,32,300 was already paid by the assessee-company, a demand of rs. 39 ..... show that the issue involved is highly debatable. the ito acted absurdly and erroneously in invoking section 154 to delete the interest already charged. there was no mistake, of law or, of fact, which would be apparent from the assessees records, enabling the income-tax officer to invoke section 154. the assessees application dated 23- ..... private limited company engaged in the manufacture of aluminium conductors. the assessment was completed for 1976-77 on 12-9-1976 on a total income of rs. 2,89,480 on which the income-tax .....

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Nov 14 1985 (HC)

Commissioner of Income-tax Vs. Sri. Jeya Jothi and Co.

Court : Chennai

Decided on : Nov-14-1985

Reported in : [1987]164ITR318(Mad)

..... claimed it as a bad debt and as a loss arising out of the advances made to the mill and, therefore, deductible as an expenditure. however, the income-tax officer rejected this claim and held that it is a capital loss and disallowed the claim. on appeal, the appellate assistant commissioner, however, held that the ..... a good financier so that the employment of the workers and the capital of the investors could be protected. the assessee-firm, which was granted registration by the income-tax officer, came into existence in june, 1960, primarily, to work shanmugar mill, rajapalayam. a petition was filed before the high court in o.p. no ..... that it is also having money-lending business, cannot conclude the question. in this connection, he referred to the decision in ramnarain sons (p.) ltd. v. cit : [1961]41itr534(sc) . the assessee in that case who was a dealer in shares and securities was also carrying on business as managing agents of other ..... been possible to contend that the advance was in the nature of a premium, as in the decision in cit v. coimbatore pictures private ltd. : [1973]90itr452(mad) . though, as held in ramnarain sons (p.) ltd. v. cit : [1961]41itr534(sc) , the assessee also carrying on business as a money-lender may not conclude the ..... v. ramaswami, j.1. sree shanmugar mill limited, rajapalayam, a company incorporated under the companies act, had incurred heavy losses and was under liquidation and an official liquidator had been appointed by this court in o.p. no. 279 .....

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